Billabong is loaded with debt, and it's currently going through a
restructuring process.

The other private equity firm involved is TPG
Inc., whose existing offer Bain matched. Both firms have
been granted access to look at Billabong's books, so perhaps
there's a bidding war on the horizon.

"Billabong early Thursday didn't identify a new bidder that had
made a nonbinding cash offer of around A$1.45 a share—the same
price offered by TPG in July. Thus far, Billabong's board has
said the price doesn't reflect the company's fundamental value,
but it will now begin a formal process to secure an acceptable
price."